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Letv.com unveils super car plan

By noreply@blogger.com (InfoseekChina)

Letv.com, China’s leading video website which has suspended stock trading for more than one month, on Dec. 9 announced it would enter the new energy car industry on the second day of resumed trading, becoming the world’s first internet company to go into the automobile industry, Shanghai’s National Business Daily reports, citing Letv.com CEO Jia Yueting.

Jia on Weibo announced the company’s “See Plan,” pledging to push for a major car industry revolution in the internet era by copying its successful model integrating platforms, content, terminals, and applications in vertical ecological modes.

Letv.com shares rose 1.47% to 38.50 yuan (US$6.22) after the announcement, outpacing counterpart BYD Auto, which gained 0.51% to 40.17 yuan (US$6.49).

Letv.com aims to build the best smart electronic cars, establish an ecological system for automotive internet, and make China’s car industry subvert traditional giants from the US, Japan and South Korea, to effectively resolve the haze problems and traffic jams in cities, Jia said.

Letv.com’s super cars will fully integrate electronic-powered, artificial intelligence and internet operations, to accomplish this. Its super car unit has set up a research team in the US’ Silicon Valley, including experts in cars, internet and power systems, according to unnamed sources with Letv.com.

Currently, all three Chinese internet giants have entered the Internet of vehicles (IoV) field, with Alibaba Group allying with SAIC Motor Corp, Baidu researching and developing smart cars, and Tencent Holdings testing its IoV approach.

In the 2014 China Car Development Report unveiled by the State Council, it has defined the IoV as one of the forces in pushing the nation’s industrial revolution. According to the CCID Consulting Report, the IoV’s market scale will reach €39 billion (US$48.5 billion) in 2018.

Jia’s remarks indicated Letv.com’s plan to manufacturing supercars is just like Tesla Motors, just more ambitious, as it aims to copy its successful model in super TVs to build a sole ecological system for vertical integrated automotive internet.

Experts say copying such an application into building supercars will be more difficult, as the car industry needs to link with offline chain channels, and the IoV cannot be easily achieved simply because of possessing strong online capabilities.

Source: Want China Times

Source:: Letv.com unveils super car plan

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